What Was the HSA Limit for 2018? - HSA Awareness and Benefits

Health Savings Accounts (HSAs) have gained popularity in recent years as a tax-advantaged way to save for medical expenses. For those looking to learn more about HSAs and their limits, it's important to understand the figures for different years.

In 2018, the HSA contribution limit for individuals was $3,450 and for families, it was $6,900. These limits represented the maximum amount of money that could be contributed to an HSA for that tax year.

Contributions to an HSA are tax-deductible, meaning you can reduce your taxable income by the amount you contribute to your HSA. The funds in an HSA can be used for qualified medical expenses, such as doctor visits, prescriptions, and even some over-the-counter medications.

One of the key benefits of an HSA is that the money you contribute rolls over from year to year, so you don't lose any unused funds. This can make an HSA a valuable tool for saving for future medical expenses or even for retirement.

Understanding the HSA limits for each year is crucial to maximizing the benefits of these accounts. Stay informed about the latest figures to make the most of your healthcare savings!

In 2018, Health Savings Accounts (HSAs) were a popular choice for individuals and families looking to save on healthcare costs. With contribution limits set at $3,450 for individuals and $6,900 for families, HSAs provided an excellent way to set aside pre-tax money for qualifying medical expenses.